RiverPark Advisors LLC Reduces Position in Adobe Systems Incorporated (ADBE)
RiverPark Advisors LLC decreased its position in shares of Adobe Systems Incorporated (NASDAQ:ADBE) by 18.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,456 shares of the software company’s stock after selling 7,583 shares during the period. Adobe Systems makes up about 0.5% of RiverPark Advisors LLC’s holdings, making the stock its 28th largest position. RiverPark Advisors LLC’s holdings in Adobe Systems were worth $4,732,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Capital Advisors Ltd. LLC purchased a new position in shares of Adobe Systems during the second quarter worth approximately $100,000. CWM LLC raised its position in shares of Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock worth $106,000 after buying an additional 79 shares during the last quarter. Clean Yield Group purchased a new position in shares of Adobe Systems during the first quarter worth approximately $100,000. Signature Estate & Investment Advisors LLC purchased a new position in shares of Adobe Systems during the first quarter worth approximately $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in shares of Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after buying an additional 500 shares during the last quarter. 87.53% of the stock is owned by institutional investors.
Adobe Systems Incorporated (ADBE) opened at 155.06 on Friday. Adobe Systems Incorporated has a one year low of $97.87 and a one year high of $156.06. The stock has a market capitalization of $76.51 billion, a P/E ratio of 54.01 and a beta of 1.00. The stock has a 50 day moving average price of $149.22 and a 200-day moving average price of $137.01.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. The firm’s revenue was up 26.7% compared to the same quarter last year. Analysts anticipate that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
A number of brokerages recently commented on ADBE. Vetr lowered Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a research note on Thursday. Robert W. Baird reissued a “buy” rating and set a $160.00 price target on shares of Adobe Systems in a research note on Friday. Jefferies Group LLC began coverage on Adobe Systems in a research note on Thursday, August 24th. They set a “buy” rating and a $175.00 price target for the company. Bank of America Corporation increased their price target on Adobe Systems from $108.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 25th. Finally, BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Adobe Systems has an average rating of “Buy” and a consensus target price of $152.46.
In other news, CMO Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Donna Morris sold 10,000 shares of the company’s stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. Insiders have sold 102,239 shares of company stock worth $14,877,475 over the last 90 days. 0.38% of the stock is owned by insiders.
About Adobe Systems
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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